Nike Inc. has announced the appointment of Elliott Hill as its new President and CEO, effective next month. Hill replaces John Donahoe, who is retiring from the company.
Hill, who previously held leadership positions at Nike across Europe and North America, is returning to the company after retiring in 2020. He most recently served as the President of Consumer and Marketplace Operations for Nike and the Jordan brand.
Nike has faced challenges in recent months, with declining sales and a 24% drop in its stock price year-to-date. In response, the company has implemented cost-cutting measures, including job reductions and a focus on reinvesting in key growth areas.
Following the announcement of Hill’s appointment, Nike’s stock price surged by nearly 8%. This indicates investor confidence in Hill’s leadership and the company’s future prospects.
